Royal London has reported an 11 per cent increase in new business during 2013 driven by a 26 per cent surge in pension sales.
The mutual provider’s annual results, published this morning, show group sales rose from £3.5bn during 2012 to £3.9bn last year.
Scottish Life, Royal London’s pension arm, saw sales increase by over a quarter during the period, from £2.4bn in 2012 to £3bn in 2013.
Royal London’s life and pensions administration operation Royal London Plus suffered a 33 per cent decline in sales during the year, from £48m to £32m.
Ascentric, Royal London’s wrap platform, saw total assets under administration increase 39 per cent, from £1.2bn in 2012 to £1.7bn last year.
Royal London Asset Management, the firm’s asset management arm, experienced net new inflows of almost £2.5bn last year, up from £286m in 2012.
Royal London chief executive Phil Loney says: “Overall new business performance in 2013 was strong, with significant year on year gains in pensions and investments.
“It is particularly pleasing that we have achieved strong new business performance across our range of pension, drawdown, wrap platform and asset management offerings.
“The Retail Distribution Review reforms have led many intermediaries to rework their business models. The market’s focus is now firmly on the quality of products and service offered by providers rather than on levels of commission, and Royal London has benefitted from this as we continue to build a more customer centred business.”